It's Fall: 10 Weeks of Alternative Minimum Tax Planning Ideas...Week 1
Will You Get a Refund or Owe Taxes? For Alternative Minimum Tax (AMT) Payers, There are a List of Actions that Can Be Taken Now to Reduce Your AMT Bill, and All of Them are Very Simple. Over the Next 2 Months We Are Writing a Series of Articles on the Alternative Minimum Tax to Help Individual's Reduce Their Tax Bill.
Bonita Springs, FL (PRWEB) November 14, 2009 -- “It’s the time of the season” was a popular song some years ago. The barbecue grills are put away, the kids are back in school, and the foliage is starting to turn. The 2008 tax return season was officially over on October 15; now it’s time to start thinking about 2009.
With only two months to go, many individual taxpayers do not know yet whether they’ll owe more taxes in April or be getting a refund? The opportunity – now - is to make tax refunds bigger or checks written to the IRS smaller. All it takes is a brief look at one's tax situation and consideration of what can be done in the next 60 days. Waiting until January is too late to lower your 2009 taxes.
This is especially true for those individuals trapped in the Alternative Minimum Tax. For AMT payers, there is a list of actions that can be taken to reduce their AMT bill, and all of them are very simple.
Over the next two months we are writing a series of articles on the Top and most relevant AMT items, including:
Property taxes - many individuals already have received their property tax bill and have a choice of paying it in December or in January. The simple act of when the check is written can have a direct impact on the AMT paid.
State income taxes - similar to property taxes, state income taxes have a significant impact on the AMT. The more state taxes paid this year the higher the AMT bill will be - another opportunity to have an immediate impact on the tax paid.
Example – assume an individual household owes $5,000, either in property taxes or in additional state income taxes. If the individual is in the AMT in 2009 and pays these taxes in 2009, there is zero tax benefit. Waiting until January to pay the $5,000, and not being in the AMT in 2010, achieves a tax savings from the IRS of up to $1,750.
The Top Alternative Minimum Tax items that catch most people will each have a full article. They include:
| | - State and local taxes
- Property or real estate taxes
- Personal exemptions
- Incentive stock options
- Investments
- Itemized deductions
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Each topic and related action is explained in plain English with examples to aid the understanding. Don't wait any longer – “it’s the time of the season.”
Visit www.amtindividual.com or www.amtblog.com to read more articles on the Alternative Minimum Tax.
About AMTIndividual
AMTIndividual was founded in 2008 to provide Americans an easy and convenient way to understand, strategize and plan for the alternative minimum tax. Our founders have more than six decades of personal and business tax planning experience, including the writing of a two-volume, nearly 1,000-page treatise on income taxation.
Contact Info:
George Bauernfeind
AMTIndividual
Phone: 1.800.260.7494
http://www.AMTIndividual.com
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